Latest automotive news

Ferrari confirms it’s considering building an SUV

Storied Italian automaker admits an SUV could join future product portfolio, a major departure from the brand’s historically supercar-centric model line

Ferrari’s confirmed it is contemplating the addition of an SUV to its current stable of exotic supercars, marking a major departure from the brand’s past product and going against promises it’d never tackle a high-riding truck-type vehicle.

The brand’s first SUV, should it come to fruition, will constitute a major step forward from any such vehicle currently on the market, and will “reinvent” the segment with newfound levels of luxury, craftsmanship and performance, Ferrari CEO Sergio Marchionne told Bloomberg in an August 1 interview.

“You have to shoot me first,” said Marchionne, referring to the unthinkable proposition of Ferrari building an SUV comparable to current offerings from Bentley, BMW, Jaguar, Porsche and others.

“It [the Ferrari SUV concept] has not been done to compete with Porsche.”

A forthcoming Ferrari SUV, he assures, will be something special, worthy of the marque.

“It will probably happen but it will happen in Ferrari’s style,” added Marchionne, who is due to retire from his leadership of Ferrari and Fiat Chrysler, which he also heads up, within the decade.

Ferrari’s move towards the production of an SUV is spurred on by strong sales and wide profit margins in the segment. The Italian brand intends to double its profits by 2022 to some two-billion Euros, which would not be feasible without its expansion into luxury SUV territory.

“That space is too big and too inviting,” said Marchionne, referring to the luxury-performance SUV market.

“We have a lot of our customers who will be more than willing to drive a Ferrari-branded vehicle that has that king of utilitarian objective.”

Ferrari’s short-term future plans also include removing its self-imposed annual production cap of 10,000 vehicles, meaning the brand’s cars are set to become a little less exclusive in just a few years.